Agents should not lose sleep over the new Spicerhaart cut-price sales offering it has launched in association with Tesco.
Leading London agent Eric Walker, managing director of Bushells, yesterday urged an end to panic mongering over iSold.
He says the savings it offers vendors do not amount to much and that too many gloom merchants are prophesying the end of the industry.
“The name isn’t even original,” he said. “ipod, iPhone, iTunes, iSold, iWant to scream.”
But, said Walker, he acknowledged that agents getting their feelings off their chests was cathartic: “Every little helps,” he said. “OK, so it seems great value for money for the seller. It isn’t.
“People forget good agents more than cover their fees.
“So, sellers have a choice: iSold value a house at £350,000 and charge less commission than a Tesco value pizza, plus double Clubcard points, or Foxtons promise you £400,000 and enough waiting buyers to fill Wembley, all of whom they will accompany in their annoying little Minis and browbeat into submission. Not a tough call, really.
“The average house price is £165,000. The average agent charges 1.5%. We don’t charge up front. iSold charge around £1,000, so the vendor saves £1,500. But how many would quibble over an offer of £1,500 below asking price?
“All agents try and value for the highest figure to secure the instruction.”
Walker added: “The public also seem to forget that the service we offer buyers is free. We find them a property, we negotiate, help with lawyers, conveyancing, surveyors, removals, schools, workmen, ferry them around – and often their parents –all of whom appear to have degrees in structural engineering.
“Buyers buy from the agent who has the property they want – simple.
“So let’s be honest – let Tesco join the market. And let Spiceraart support them, thus admitting their own business is a sham as they have produced a cheaper alternative which denigrates agents’ fees.”
